预收近5亿充值金，企查查要在主板募资15亿

Core Viewpoint - The article discusses the recent developments regarding Qichacha's IPO application and its financial performance, highlighting its revenue growth, cash flow management, and competitive challenges in the commercial data service market. Group 1: IPO and Financial Performance - Qichacha's parent company, Qichacha Technology Co., Ltd., has had its main board IPO application accepted by the Shanghai Stock Exchange [1] - In 2024, Qichacha reported revenue of 708 million yuan and a net profit of 317 million yuan, representing year-on-year growth of 15% and 23% respectively [1] - The company has a fundraising plan of 1.5 billion yuan for its IPO, which raises questions about the necessity of this fundraising given its current cash reserves [2][11] Group 2: Revenue Sources and Cash Flow - Qichacha generates significant cash flow through subscription fees, with a total of 480 million yuan in contract liabilities and advance payments by the end of 2024, accounting for nearly 70% of its revenue [4][12] - The company has over 1 million paying users, contributing an average of 597.41 yuan each annually [4] - By the end of 2024, Qichacha's cash and trading financial assets totaled 1.479 billion yuan, indicating strong liquidity [10] Group 3: Competitive Landscape - Qichacha faces intense competition from peers like Hehe Information, which has a more diversified product offering and higher revenue [12][13] - The user growth rate for Qichacha has slowed, with a 21% year-on-year increase in registered users by the end of 2024, down from previous growth rates [17] - Qichacha's subscription fees are the highest among its competitors, which may impact its market share as rivals engage in price wars [18] Group 4: Cost Management and Profitability - In response to market competition, Qichacha has focused on maintaining profitability by reducing promotional expenses, resulting in a sales expense ratio of 15.88%, down 4.54 percentage points year-on-year [19] - The company's net profit margin reached 44.81% in 2024, which is significantly higher than that of its competitors [19]